Corteva, Inc. $CTVA Shares Acquired by Ritholtz Wealth Management

Key Points

• Ritholtz Wealth Management increased its stake in Corteva, Inc. by 42.8%, acquiring an additional 13,637 shares, bringing its total holdings to 45,528 shares valued at approximately $3.39 million.
• Several analysts have upgraded Corteva's stock ratings, with Barclays raising its price target from $75.00 to $84.00 and Oppenheimer setting a target of $87.00.
• Corteva recently increased its quarterly dividend to $0.18 per share, reflecting a dividend yield of 1.2% and a payout ratio of 35.12%.

Ritholtz Wealth Management lifted its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 42.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,528 shares of the company's stock after purchasing an additional 13,637 shares during the period. Ritholtz Wealth Management's holdings in Corteva were worth $3,393,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the company. Moody National Bank Trust Division grew its holdings in Corteva by 0.7% in the second quarter. Moody National Bank Trust Division now owns 22,139 shares of the company's stock valued at $1,650,000 after purchasing an additional 143 shares during the last quarter. Ancora Advisors LLC grew its stake in Corteva by 0.8% in the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company's stock valued at $1,168,000 after acquiring an additional 150 shares during the last quarter. NewEdge Advisors LLC grew its stake in Corteva by 0.5% in the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company's stock valued at $1,979,000 after acquiring an additional 152 shares during the last quarter. Plancorp LLC grew its stake in Corteva by 2.3% in the 1st quarter. Plancorp LLC now owns 7,156 shares of the company's stock valued at $450,000 after acquiring an additional 158 shares during the last quarter. Finally, Legacy Financial Advisors Inc. grew its stake in Corteva by 4.4% in the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock valued at $237,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $75.00 to $84.00 in a research report on Wednesday, August 13th. Oppenheimer set a $87.00 price objective on Corteva and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Citigroup cut shares of Corteva from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $83.00 to $70.00 in a research note on Thursday, October 2nd. Finally, Morgan Stanley set a $84.00 target price on shares of Corteva in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $80.81.

Corteva Price Performance

CTVA opened at $61.94 on Thursday. The company's 50 day simple moving average is $69.82 and its 200 day simple moving average is $68.91. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The stock has a market capitalization of $42.06 billion, a PE ratio of 30.22, a P/E/G ratio of 1.42 and a beta of 0.76.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company's quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the company earned $1.83 earnings per share. As a group, sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a $0.18 dividend. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. Corteva's dividend payout ratio is 35.12%.

Insider Buying and Selling at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

Corteva Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.

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